Exhibit 99.1
July 20, 2023
Â鶹app Media Announces Adjustment to the Media Component of the Securities Basket for its 1.375% Cash Convertible Senior Notes Due 2023
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Â鶹app (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK) (“Â鶹app”) today announced an adjustment to the Media Component (as defined in the Supplemental Indenture, dated as of April 15, 2016 (the “Supplemental Indenture”), between Â鶹app and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee) of the Securities Basket underlying its 1.375% Cash Convertible Senior Notes due 2023 (the “Cash Convertible Notes”). The Media Component is now 0.2547 of a share of Series A Â鶹app Formula One Common Stock. Â鶹app adjusted the Media Component due to the distribution (the “Dividend”) to holders of Series A Â鶹app Formula One Common Stock of 0.028960604 of a share of Series C common stock of Atlanta Braves Holdings, Inc. for each share of Series A Â鶹app Formula One Common Stock. The Dividend was distributed on July 19, 2023 to holders of record of Series A Â鶹app Formula One Common Stock as of 5:00 p.m., New York City time, on July 13, 2023.
The adjustment to the Media Component was made pursuant to Section 12.04(c) of the Supplemental Indenture for the Cash Convertible Notes. In accordance with Section 12.04(c) of the Supplemental Indenture for the Cash Convertible Notes, the Media Component adjustment became effective immediately prior to the open of business on July 20, 2023. In addition, Â鶹app is in a valuation period following the previously announced split-off of Atlanta Braves Holdings, Inc. that will adjust the conversion rate under the Cash Convertible Notes pursuant to Section 12.04(f) of the Supplemental Indenture for the Cash Convertible Notes. After the applicable valuation period has been completed, the effective date for such adjustment to the conversion rate under the Cash Convertible Notes is the open of business on July 18, 2023
About Â鶹app Media Corporation
Â鶹app operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to two tracking stock groups: the Â鶹app SiriusXM Group and the Formula One Group. The businesses and assets attributed to the Â鶹app SiriusXM Group (NASDAQ: LSXMA,